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Earnings transcript
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MMC
Marsh & McLennan Companies, Inc.
$182.7
-2.93
(-1.58%)
| Exchange: | NYSE |
| Market Cap: | 89.82B |
| Shares Outstanding: | 434.4M |
About The Company
| Sector: | Financial Services | |||||
| Industry: | Insurance – Brokers | |||||
| CEO: | John Quinlan Doyle | |||||
| Full Time Employees: | 90000 | |||||
| Address: |
| |||||
| Website: | https://www.mmc.com |
Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services, and Consulting. The Risk and Insurance Services segment offers risk management services, such as risk advice, risk transfer, and risk control and mitigation solutions, as well as insurance and reinsurance broking, catastrophe and financial modeling, and related advisory services; and insurance program management services. This segment serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth, and career consulting services and products; and specialized management, as well as economic and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 22,736,000 | 24,458,000 | 26,981,000 |
| Gross Profit | 9,637,000 | 10,462,000 | 0 |
| EBITDA | 6,317,000 | 6,926,000 | 910,000 |
| Operating Income | 5,282,000 | 5,817,000 | 6,223,000 |
| Net Income | 3,756,000 | 4,060,000 | 4,160,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 48,030,000 | 56,481,000 | 58,710,000 |
| Total Liabilities | 35,660,000 | 42,946,000 | 43,395,000 |
| Total Stockholders Equity | 12,191,000 | 13,342,000 | 579,000 |
| Total Debt | 15,436,000 | 21,862,000 | 21,449,000 |
| Cash and Cash Equivalents | 3,358,000 | 2,398,000 | 2,687,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 4,258,000 | 4,302,000 | 5,292,000 |
| Capital Expenditure | -416,000 | -316,000 | -291,000 |
| Free Cash Flow | 3,842,000 | 3,986,000 | 5,001,000 |
| Net Income | 3,802,000 | 4,060,000 | 4,234,000 |
| Net Change in Cash | 2,050,000 | -478,000 | 486,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 31,233,616.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 31,264,172.050 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 31,248,894.100 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 8,263,445.593 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 8,271,529.736 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 8,267,487.664 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 5,883,515.311 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 6,290,353.952 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 6,086,934.632 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 12.320 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 12.730 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 11.910 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: MMC has demonstrated robust revenue growth as highlighted in recent earnings calls, with consistent increases in net income and operating cash flow over the past periods, according to income and cash flow statements. This indicates a solid operational foundation and effective cost management.
- Healthy Profit Margins: Key metrics reveal a strong gross profit margin and net profit margin TTM, suggesting MMC's ability to maintain profitability amidst competitive pressures within its industry, as per the industry and sector data comparisons.
- Positive Market Performance: Performance metrics show MMC outperforming its industry averages over multiple time frames (1 week, 1 month, 3 months, 6 months, and 1 year), indicating strong investor confidence and market positioning within its sector.
- Stable Liquidity Position: The balance sheet reflects a favorable current ratio and quick ratio TTM, demonstrating MMC's ability to meet short-term obligations, supported by significant cash and cash equivalents.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates MMC intrinsic value between $118.25 – $187.64 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about MMC valuation
Is Marsh & McLennan Companies, Inc. (MMC) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Marsh & McLennan Companies, Inc. (MMC) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is MMC a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether MMC trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is MMC’s P/E ratio?
You can see MMC’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for MMC?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is MMC a good long-term investment?
Whether MMC fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
MMC
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Daily snapshot
-1.58
Trading Metrics:
| Open: | 185.21 | Previous Close: | 185.63 | |
| Day Low: | 181.83 | Day High: | 185.21 | |
| Year Low: | 174.18 | Year High: | 248 | |
| Price Avg 50: | 183.06 | Price Avg 200: | 205.44 | |
| Volume: | 1.184M | Average Volume: | 2.856M |
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Login — it's freeMMC full analysis
Welcome to MARKETSNAP’s SWOT analysis for Marsh & McLennan Companies, or MMC as you might know it on the ticker. If you’re a long-term investor looking to build wealth, you’re in the right place. Today, we’re diving deep into one of the heavyweights in the professional services space, specifically in insurance brokerage and risk management. Let’s unpack what makes Marsh & McLennan tick, take a look at recent developments, and break down the strengths, weaknesses, opportunities, and threats that could…
